Owning a home is what most individuals dream about and a youth has an equal desire to settle in life by tying the nuptial knot. To buy a home without making an outright payment, a home loan helps. Whether you are married or single, let’s analyze each situation individually.
Opting for a home loan before marriage
It’s human tendency to be carefree and liberal with your expenses when you are unmarried. Even when you have a steady income, the “need” to own a home takes the backseat. It is here that maturity and wisdom come into play. When you are unmarried, you are generally devoid of certain compulsory expenses like
- Taking charge of running the home
- Paying children’s fees
- Going on a holiday with your spouse and children etc.
You give an instant nod to certain unwanted personal expenses without showing any serious concern for such expenses to be incurred. At this juncture, with minimum financial liabilities, you are in a better position to opt for a housing loan. Accommodating your home loan EMI by being a little judicious about your expenses, becomes easier.
Opting for a home loan after marriage
When you are married, you tend to be more concerned and responsible about financial stability. When you go for a home loan, post marriage
- You tend to be more disciplined money-wise with the EMI commitment coming your way
- If your spouse is employed you get the advantage of adding his/her name as the co-applicant for a home loan. Advantage? Your home loan eligibility gets empowered as you can show your combined income to avail the loan.
Thus, irrespective of the fact whether you are married or single, the right time to go for a home loan is when you are young and ideally between the age of 25 ~ 38. The earlier you opt for a home loan, the longer is the loan tenure you get to repay your loan. Let not your marital status hinder your aspiration. Even with a modest income Banks provide you with a home loan.